… Let's go back to the sad office and pious to put things in perspective. It's a dirty job, but someone will have to do it: we have been doing it here for years, unleashing the sprawling chase of a series of unmanned followers, such as the Econofagiany of the salmon-colored Volkischer Beobachter. Let's give him a warm smile and get down to business.
A few days ago, ISTAT published the monthly data on industrial production for June (with just over a month of physiological delay: it takes time to build reliable statistics). The figure is in decline, which we widely predicted (because it is stuff from ECON102, from an introductory macro course), as we had largely predicted the consequential "Silvia moment" of the Draghi Government: "when the truth appears you misero fell" :
(slightly more experienced readers will excuse me for a few repetitions, but I see a number of noobs and I have to be very didactic).
The journalons found themselves in great ambasses, because in June he was still there (dear you!), And it was therefore difficult to tell that despite the fact that he was there, industrial production had been skidding for two months! When in October there will be the August data, it will be possible to say (if they are, as I think, not brilliant) that the fault will have been the cowardly ambush perpetrated in July by the League, which interrupted an emotion (which one? industrial production? But no! That of being governed by the best …). But to say that #hastatoSalvini in June is a bit more difficult. The result is exhilarating balancing act, like that of Repubblica, according to which yes, the data is negative, but if we report it on a quarterly basis then it is positive …
The graph reported by ISTAT clarifies the fraudulent nature of this approach:
It is obvious that the second quarter of 2022 seems to be growing: it depends on the fact that the first quarter was down, with a -3.3 in January (preceded by a -1.1 in December). But even the ISTAT graph, in showing us only the last five years, is hiding something from us. This:
We are still 21% below the last pre-global financial crisis high (April 2008). The recovery started in 2009 by the last center-right government was cut short by the austerity season. The numbers are there. A decade of PD did the rest, that is nothing, leaving us where the willing executioners of Brussels had thrown us.
I think it's time to change the music.
This is a machine translation of a post (in Italian) written by Alberto Bagnai and published on Goofynomics at the URL https://goofynomics.blogspot.com/2022/08/produzione-industriale.html on Tue, 16 Aug 2022 11:31:00 +0000. Some rights reserved under CC BY-NC-ND 3.0 license.